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Effectiveness of UK’s sanctions regime scrutinised

17 June 2022

The Treasury Committee will question officials from the Office of Financial Sanctions Implementation (OFSI) on Wednesday 22 June.

The session, part of the Committee’s inquiry into effective economic sanctions on Russia following the illegal invasion of Ukraine, is likely to focus on scrutiny of OFSI’s response to the invasion.

Likely topics of discussion include the scale of the challenge involved in implementing sanctions on Russia, how prepared OFSI was for the significant workload involved, how quickly it adapted, as well as its general effectiveness as the responsible body.

Witnesses’ views are also likely to be sought on whether the UK sanctions regime is sufficiently flexible, rigorous and effective, the current picture on monetary penalties issued by OFSI, and levels of compliance and sanctions evasion within the regime.

Russian banks with assets worth £940 billion and oligarchs with wealth totalling £200 billion have had their assets frozen since the illegal invasion of Ukraine, according to the Government.

Witnesses

Wednesday 22 June in the Wilson Room, Portcullis House

At 2:15pm

  • Giles Thomson, Director of the Office of Financial Sanctions Implementation and Economic Crime, HM Treasury
  • Christopher Watts, Deputy Director of the Office of Financial Sanctions Implementation, HM Treasury

Further information

Image: PA